On January 1, 2021, White Water issues $490,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 7% and the bonds issued at $535,061. Exercise 9-17A Part 2 2. If the market interest rate increases to 9% on December 31, 2023, it will cost $454,486 to retire the bonds. Record the retirement of the bonds on December 31, 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the retirement of the bonds Note: Enter debits before credits. Date General Journal Debit Credit 490.000 December 31, 2023 Bonds Payable Premium on Bonds Payable Gain 39,343 Cash 454,486